KrASIA
It seems Shopee isn’t the only company facing economic headwinds. James Tan, the managing partner of Quest Ventures, said in an interview with CNBC that business costs are getting higher as loan interest rates continue to rise. According to Tan, businesses in Southeast Asia are in for a rough ride that will last the next 18–36 months.
Other platforms such as Malaysia-based iPrice, Indonesia-based JD.ID, and mobile wallet LinkAja have also announced their own layoff plans.
